Home > Strategy > Super Group to exit final US states, raises 2025 revenue guidance to $2 billlion

Super Group to exit final US states, raises 2025 revenue guidance to $2 billlion

| By David Cook
Super Group will no longer offer iGaming in Pennsylvania and New Jersey, due to uncertain long-term profitability in the US.
Super Group

Super Group – owner of Betway and Spin Casino – will pull its iGaming services from the US, meaning it will no longer have a US presence one year after withdrawing its sports betting operations from the country.

The operator currently offers igaming in Pennsylvania and New Jersey, but on Tuesday it announced its intension to exit its final US states due to “regulatory shifts impacting long-term US expected profitability”.

It said the exit was part of an ongoing strategic review, aimed at streamlining operations and enhancing long-term shareholder value.

The move will come at a cost of approximately $30 million to $40 million, although savings are expected to be made from 2026. Super Group previously forecast 2025 revenue of €85 million ($99.5 million) for its US business. The operator’s North American business (also including Canada) accounted for 35% of the overall business in Q1.

The licensed betting and iGaming market in the US is facing a period of volatility as iGaming expansion has slowed, with no new states expected to come online this year. Additionally, gambling tax hikes have been proposed in a number of states, and legal betting is facing fierce competition from the rise of prediction markets. iGaming is also having to compete with unlicensed sweepstakes offerings.

No date set for Super Group final US withdrawal

The move follows on from Super Group closing its sportsbook operations in the nine US states where it was live in July 2024. At the time, Super Group CEO Neil Menashe said it could not see a long-term path to profitability for its US sportsbook offering.

This exit cost the group a one-off payment of €32.7 million in 2024, but the operator decided to keep its iGaming offering going, as it continued to grow in the two states where it was live. The company said it aimed to grow its Spin portfolio within those markets.

Commenting on the decision to ultimately pull its iGaming offering, Menashe said: “Recent regulatory developments combined with ongoing assessment of capital allocation requirements have led us to believe that our stringent hurdle for return on capital will likely not be met in this market any time soon.”

No exact date has been given for the US withdrawal, as the group said it is still evaluating its strategic options. Further details will be confirmed in the company’s Q2 2025 earnings release in August, and then at its Investor Day in September.

Super Group’s official US launch came in 2023 after it completed the acquisition of online sports betting and iGaming business Digital Gaming Corporation (DGC), which owned the rights to the Betway brand in the US.

Prior to this, Betway had been operating in the US under DCG since 2021.

Super Group revenue guidance up

Meanwhile, Super Group has raised its 2025 FY revenue guidance (excluding the US) to exceed $2 billion, up slightly from prior guidance of $1.92 billion. The group’s full-year revenue for 2024 was €1.7 billion ($1.99 billion), up 18% from 2023.

Adjusted EBITDA for 2025 is now forecast to be in excess of $480 million, up from previous guidance of $457 million. In comparison, adjusted EBITDA for 2024 was €330.3 million ($386.8 million), up considerably from €198.2 million the previous year.

Super Group partially put the expected uptick down to favourable sporting results in Q2, improvements in pricing models and more efficient risk management.

Share price takes a slight hit

In 2022, Super Group completed a $4.75 billion merger with US special purpose acquisition company Sports Entertainment Acquisition Corp, which led to its IPO on the New York Stock Exchange.

Speaking to iGB in June, Super Group hailed its US listing as a huge success, noting its profile had been raised with investors, who understand the business and strategy better and recognise what makes it stand out.

“We’re also now more credible with regulators and banks than when we were privately held, and even our customers appreciate the clear message of strength and integrity that being a listed business gives us,” the IR team said of its success on the NYSE.  

But Super Group’s share price dropped slightly from $11.38 at the market’s opening on Tuesday, to $11.02 following the announcement of the US exit.  

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